Thursday, October 03, 2013

Dear friends,Pl find attached ESI (General) (Amendment) Regulations 2013 which have been made effective from 1.6.2013. The amendment provides for:a) Now insured person who has been awarded permanent disablement benefit at a rate not exceeding Rs.10 per day (increased from Rs.5 per day earlier) can apply for commutation of permanent disablement benefit as per Regulation 76B.b) New Regulation 110 has been inserted providing for online system of functioning including digital signatures.Pls find below is the said Gazetted copy of the same

Monday, September 23, 2013

This is for your kind notice that the Punjab Government has further enhanced
the minimum rates of wages w.e.f. 01.09.2013 in respect of 71 Scheduled
Employments. The increase in wages for monthly rated employee is Rs. 552.75 and
for daily rated is Rs. 21.44 & for hourly worker is Rs. 2.68.

The above increase is to neutralize the cost of living. The minimum rates of
wages are linked with Consumer price index Numbers (State Series 1987 -100).
The adjustment of wages are made after an interval of six months taking the
average of CPI numbers compiled by the Punjab Government.

The detail of ENHANCED/Adjusted minimum rates of wages for monthly rated and
daily rated and hourly rated employees under different categories are given in
the attachment.

Saturday, September 21, 2013

Pls find enclosed is the recent circular as received from Ministry of Finance Department of Revenue Central Board of Excise& Customs Tax Research Unit on 19th Sept 2013 in this circular Service-tax-exempted-on-Transport-hostels-housekeeping-security-Canteen-services-to-educational-institutes

Employers from across the nation have begun sending their digital signatures to the Employees Provident Fund, with Kochi firms leading others in sending the largest number of such signatures.

The signatures are needed to begin online transfer of provident fund and the signatures would be used for verification in the future.

EPFO has set a seven day deadline for all employers with more than 1,000 workers for sending digital signatures. This is part of an effort to put in place a system of online transfer of provident fund claim settlements.

The Chief Provident Fund Commissioner KK Jalan has written to all the 122 Provident fund offices in the country indicating timelines for implementing the online transfer scheme.

In a letter dated July 31, he said, "I would emphasise that all employers who have employees strength more than 1,000 should be asked to give their digital signatures within next seven days. It s not difficult to do so as all these employers in any case will have their digital signatures for some other purposes."

Employers with an employee strength between 100 and 1,000 have been given more time.

The EPFO has set a target of covering 50% of thee employers by August 20.

PF offices also have been asked to introduce amended transfer claim forms in every region from August 20.

A campaign has already been launched to motivate employers to give their digital signatures. Once the transfers begin online, the time taken for the procedure of settlement of claims is expected to come down from the current 30 days to just three days.

The EPFO has so far received 675 digital signatures from various employers. The largest number of such signatures were received from employers in Kochi in kerala, officials said.

Taking the first step towards launching online PF transfer claims, EPFO had earlier this month unveiled a revised claim form for the purpose.

EPFO is likely to start the online PF transfer claim facility by the end of August. This would enable EPF subscribers to apply online to transfer their accounts through their new employers. The revised transfer claim form can be presented after verification by the present employer or the previous employer. Previously, the form could be submitted only after verification by the present employer.

• Multiple authorised signatories can use the facility to verify and approve claim requests.

EPFO introduces a new system to facilitate online submission of transfer claims by Members with an objective to make the transfer process transparent, efficient and comfortable for your employees. You are urged to bring this facility to the notice of all your employees which is available on EPFO's Member portal. A member has an option to submit his claim either through his present employer or the previous one.

You can see all such claim requests with ease, verify/correct member details, approve and submit the requests online through this portal. For online submission of the claims, the Digital signature (Class II or above) of the authorized person is required.

User name and password for this portal is same which is used in ECR portal by the establishments and accordingly may be used with high diligence.

Wednesday, May 15, 2013

Dear All,EPF Organisation has declared the rate of interest for the F.Y 2012-2013 @ 8.50% as from F.Y 2012-2013 Physical returns are not to be submitted to the EPF Office i.e Form No 3A /6A & Reconcilation & Soft copy Further the respective intesrest will be displayed in the E-passbook after 17th May 2013 the respective circluar in this regards is appended below:EPF Interest 2012-2013

Thursday, May 09, 2013

Dear All,Greeting of the day !We really thank you very much for visiting to our Blog & for the comments on the same as per your queries & sugesstion. we are now positing Minimum wages Consolidated for all Industry for the year 2013-2014 in respect of Karnataka The necessary attachments is appended below:-Consolidated Minimumwages for all industries Karnataka 2013-2014Pls post your valuable cooments & Sugesstions on the same.

Friday, May 03, 2013

ESIC Coverage area extended in state of Tamilnadu for those who have their manufacturing units in Oragadam
and surrounding Areas, please note the ESI Applicability comes in to effect vide
Notification dated 22nd April 2013.

Friday, April 26, 2013

TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.

ISSUE OF PART A OF FORM NO. 16 FOR DEDUCTION OF TAX AT SOURCE MADE ON OR AFTER 01.04.2012:

All deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall issue the Part A of Form No. 16, by generating and subsequently downloading through TRACES Portal, in respect of all sums deducted on or after the 1st day of April, 2012 under the provisions of section 192 of Chapter XVII-B. Part A of Form No 16 shall have a unique TDS certificate number.

AUTHENTICATION OF TDS CERTIFICATE IN FORM NO. 16:

The deductor, issuing the Part A of Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31

Thursday, April 18, 2013

The Delhi Government has decided to implement the revised rates of minimum wages
for unskilled, semi-skilled and skilled categories in all scheduled employments,
Labour Minister A.K. Walia said on Monday. The new rates, which have been worked
out after adjustment of dearness allowances, have come into effect from April 1,
2013 and will extend to clerical and non-technical supervisory staff as
well.

Now the monthly minimum wages of unskilled workers has been fixed
at Rs.7,722 (previously Rs.7,254) and per day wage has gone up from Rs.279 to
Rs.297. The monthly wages for semi-skilled workers has gone up from Rs.8,528 to
Rs.8,008 (per day wage from Rs.308 to Rs.328) and for skilled workers the new
wages have been fixed at Rs.9,386 (previously Rs.8,814) increasing the per day
wage to Rs.361 from Rs.339.

For clerical and non-technical supervisory
staff, the new monthly wages for non-matriculates has been fixed at Rs.8,528
from Rs.8,008 (per day wage has gone up to Rs.328 from Rs.308). For matriculates
but non-graduates, the wages have increased to Rs.9,386 from Rs.8,814 and for
graduates and above it has been fixed at Rs.1,0218 instead of
Rs.9,594.

Dr. Walia said all employers have been directed to release
payments to their workers as per the revised rates through electronic clearance
system or by cheques. He said workers have been asked to contact the district
office of the Labour Department in case they are not paid wages as per the
revised rates

Friday, April 05, 2013

A Mediclaim policy is one that refers to the medical insurance of individual, HUF, spouse, parents or dependent children, also known as health insurance .The section 80D of Income Tax Act provides for deduction of the payment made subject to the premiums of such medical policies. This exemption is over and above the deductions of Rs.1,00,000 under the section 80C. Medical insurance is vital in order to insure the health and safety of the family members, and it comes to aid in times of illness and makes up for your medical expenditure.

The medical premium varies with age, and as you grow older the premium increases.(Hence it is recommended that a senior citizen gets himself medically insured) The insurance can take place at any point of time between the age span of 18-59 yrs. As per the budget 2011-12, a senior citizen is a person of the age 60yrs or more. Before that, 65 yrs and more was considered as the age for senior citizens) the policy can be in the name of any of the following persons:

Individual or the taxpayer

Parents: Parents of the individual and of the spouse may be covered under this irrespective of their dependence on the assessee.

Dependent children: legitimate children or legally adopted children fall under this category and may be insured by the taxpayer. This includes male child who is unemployed, under the age of 25 yrs and he is a bonafide student fully dependent on the assessee . In case of a girl child, she is considered d as dependent until she is unmarried.

And in case of an HUF, any family member can be insured.

The total amount of deduction included under the section 80d mediclaim policies is Rs.35000. It is split into parts as shown below:

For an individual:

Basic deduction: The insurance premium of self, spouse and children is covered under this amount. Maximum deduction upto Rs.15000 is allowed .however, a deduction upto Rs.20000 is allowed in case the insured person is a senior citizen.

Additional deduction: Includes the medical premium paid for parents and a maximum deduction upto Rs.15000 is allowed. If the parent in this regard is a senior citizen then the amount is increased upto Rs.20000.

For HUF:

The premium can be paid for any member of HUF and the maximum deduction of Rs.15000 is permissible. Only when the person is a senior citizen the amount available for deduction is Rs.20000.

The medical premium is paid under medical insurance scheme of General Insurance Corporation approved by the Central Government or by any other insurer approved by IRDA (Insurance Regulatory and Development Authority).. Before 1st April 2009, the only mode of payment allowed was cheque. The payments for such premiums can now be made via any mode other than cash

The section 80c provides deduction from the taxable income for the tuition fees paid for his/her children .The upper limit for the deduction under this section is Rs 1 lakh. Parents are allowed to claim the deduction for their children’s tuition fees. This deduction is strictly available only on the tuition fees paid and not the exam fee, sports fee, lab fee, admission fee or the hostel fee. A parent is individually allowed to claim deduction for two children , thus both the parents can together claim deduction for four children. The deduction claim is permissible for only full time courses and not part time, coaching classes, distance learning or private tuitions. This however includes tuition fees for playschools and pre-nursery. The deduction is available on the amount paid by the individual and the period for which the payment is made is not to be considered.

Saturday, March 16, 2013

Buying a house has always been a bit of financial trouble for many. So, banks come to rescue and aid people with a home loan by facilitating the funding. Two earning members can come together to buy a house and share the loan. Joint home loan is the ultimate way out! Earning members of the family; Spouse, siblings, parent & child either can jointly issue a loan from the bank. This will ease off the burden of loan borrowing. Besides, there is an added major advantage to this joint loan borrowing; the co borrowers can share the tax benefits under the Income Tax Act.

Benefits of joint home loan

Two earning members will save a part of their income from taxation

The debt burden is minimized as there two people will share the loan

Both, Principle and interest payable are exempted from tax under the section 80C and section 24 respectively of the Income Tax Act.

Rules for seeking a joint home loan:

A joint home loan can be taken by minimum 2 and maximum 6 members

Not all family members are eligible to take joint home loan, generally blood relatives are allowed

The lender defines the relationship between co borrowers in order to be eligible to seek the joint loan

KYC documents should be submitted that contain identity and address proof of the loan applicants

Documents containing the proof of ownership and income proof of borrowers are also required.

Repayment of joint home loan:

Either the EMI can be paid via a joint account that is held by the co borrowers

Payment made by means of two different accounts for the same EMI is not allowed. However they can share total no. of installments. The payment should come from come from borrowers jointly.

The maximum tax benefit available to a single person who seeks home loan is however 1, 50,000 for each co borrower. Hence it is advisable to get a break up of tax benefits on stamp paper prior to issuing the loan. The agreement will specify the share of the ownership as well as that of the home loan. This agreement will contain the share of the ownership along with that of the home loan issued by them.

The co-borrowers must decide the ratio in which they will borrow the loan. Supposing the ratio decided is 60:40 then the tax benefits availed by them will be in the same ratio. The former can avail a 60% of tax benefit on the maximum permissible exempted limit; while the latter, 40%.

Now, it is way easier and beneficial to manage the funding for your new home by applying for loan. The income tax benefits, plus the lesser burden on a single person, in terms of loan repayment. Also, it enhances your eligibility as a loan seeker because the income of two people is clubbed; the bank finds it convenient to grant the loan.

Enclosed is the list of surviving members format to be submitted along with form 20 in death claim under epf 1952, under para
2(g) & and Form No 5 (IF) if the case is of on service deathAttachment :- List of Survival Member-EPF

Hence you are requested to kindly
look forward and take appropriate action to kindly implement the revised minimum
wages rates w.e.f. 01/01/2013 in the Factories and Establishment working in
Haryana State. Kindly ignore if your establishment is not falling in the
territorial jurisdiction of Haryana State.

Your hard
earned income is subject to taxation under the Income Tax Act. You can save a
part of your income as a tax deduction; thus reducing your total taxable
income. Such tax deduction options are available under the various sections
of it act. Section 80 c provides that Rs 1 lac per annum can be saved from
being taxed by investing in such instruments:

§Public Provident Fund (PPF)

§National Savings Certificates (NSC)

§Contributions to Employees Provident Fund (EPF)

§Fixed Deposit (FD) with Banks having a lock-in period of five
years

§Equity Linked Savings Scheme (ELSS) of Mutual Funds

§Unit Linked Insurance Plan (ULIP)

§Life Insurance Premiums

§Repayment of Housing Loan (Principal)

It is
applicable for individuals irrespective of their tax bracket and annual
income. These are the tips under this section that will help you save your
tax from your income.

PPF PUBLIC PROVIDENT FUND

It is the risk
free government tool with a lock in period of 15 yrs and is beneficial for
those seeking long term investment. You can invest up to Rs 1lac in all at
the current rate of 8.8%. . The interest earned here is not taxed. The
minimum investment in PPF is Rs 500 per year and the maximum investment is Rs
1,00,000/- per year. It can be a lump sum investment or can be divided
in to a 12 transaction per year. A special benefit that comes along is that
in case of insolvency it will not be attached to the assets of the insolvent.
PPF can be used for minors as well, who can avail benefit of the same when
they turn 18.

NSCNATIONAL SAVING CERTIFICATES

Very secure
since it is backed by the government. Interest rate for 5-year NSC delivers
8.6% whereas 10-year NSC offers 8.9%. Interest earned is subject to tax and
there is no limitation on the amount of investment. NSC is eligible for use
as a security in order to derive a loan from the banks. Minimum amount is
Rs100.

EMPLOYEES PROVIDENT FUND

Employees
provident fund is the deduction from the salary (minimum a 12%) made by the
employer into a provident fund account. This deduction is mandatory on the
earned income as an aid to both private and non pensionable public sector
employees. A fraction of your monthly income is deducted and gets accumulated
till the time employee attains the retirement age. After the age of 55, the
employee can withdraw full amount at any time. Apart from monthly deduction
the employee can contribute extra through VPF voluntary contributions.

FIXED DEPOSITS

In a Fixed
Deposit Saving Scheme a certain sum of money is deposited in the bank for a
specified time period with a fixed rate of interest. For tax free bank
deposit under section 80c, lock in period of 5 yrs is a must and premature
withdrawal is not allowed. The amount under this FD is deducted from the
taxable income and the maximum permissible amount is Rs1 lac. This amount can
be undertaken for a loan. A safe investment option beneficial for those who
want to lock their money for long. However the interest received on such
deposit is taxable.

EQUITY LINKED SAVINGS SCHEME (ELSS) OF MUTUAL FUNDS

This market
linked investment comes up with a 3 year lock in period. ELSS is your helping
hand in saving tax offering high returns. With low expenses, this option
ensures a high liquidity and growth in long term. Withdrawing before a 3 year
period is not allowed. Also ELSS returns are not guaranteed as they are
market linked investments.

ULIP- UNIT LINKED INSURANCE PLAN

ULIP is
the risk free investment option that lets you flexibly invest wherein part of
the premium pay goes toward the sum assured and the balance will be invested
in whichever investments you choose depending upon the scheme-equity, debt or
a mix of the both. The premium that is paid under these schemes is considered
under this section. It can be partly exposed to stock market. ULIP schemes
come in insurance cover forms as well as investment options.

LIC PREMIUMS

This includes
the premiums that you pay for the LICs or insurance policies under other
private insurance companies. The policies ensuring life of self, spouse or
any child are considered. Also,
insurance premiums paid for parents, is covered for deduction under 80C.
Thus, the total amount for all premiums from all eligible policies can be
included as the deduction.

REPAYMENT OF HOUSING LOAN (PRINCIPAL)

Under section
80c , the principle component that you pay for your home loan is eligible for
deduction. The yearly amount that is spent under the repayment of housing
loan as the principal can be deducted from the taxable income.

Friday, February 01, 2013

Trying to open an Employees’ Provident Fund Account? Ensure an aadhaar number first. The employees provident fund organization (EPFO) has mandated to provide aadhaar card numbers in order to register for an EPF account. Employees joining from March 2013 into the organised sector, looking forward to open an EPF account will call for an aadhaar card at hand.

Entry of new members under the EPF scheme will go on at the same pace, but plenty of the aspiring members might not have their aadhaar numbers. Aadhaar is basically the unique identification number issued to the individuals for the purpose of establishing a sole identity of each. Those who have been lucky to get themselves enrolled have been awaiting their cards for quite a long. Whereas, the other workers or employees who may hail from, distant and remote areas where the idea of aadhaar has not even reached have been disadvantaged of the enrolment too. Thus leaving a large number of people deprived of their aadhaar numbers.

Linking EPF with aadhaar card is a way of the government to push more and more people into enrolment for the UID (UNIQUE IDENTITY) cards. And the EPFO suggests the employers to contact UIDAI (UNIQUE IDENTIFICATION AUTHORITY OF INDIA) in order to lay down camps or centres nearby workplaces /industries/offices so that employees at work can easily start off with the process and avail of it at the earliest

However, for those who do not have the cards can get an Enrolment ID (EID) as per the EPFO plan which can be later transformed into their aadhaar numbers

By June 30th,2013 the 50 million existing members must present their aadhaar numbers to the EPFO as aadhaar is now an essential Know Your Customer (KYC) credential. Besides, it will be of great help to the EPFO members and to those seeking benefits under the scheme will also be facilitated by providing your aadhaar number. All subscribers of EPFO, old or new must hurry, enroll and fetch their aadhaar card numbers.

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